Home Business Reality Shares withdrew request to launch ETF with access to Bitcoin futures

Reality Shares withdrew request to launch ETF with access to Bitcoin futures

Reality Shares confirmed the withdrawal of its bid to change the rules of the NYSE Arca exchange, which, if approved, would allow it to launch an exchange-traded fund (ETF) with partial access to bitcoin futures. It is reported by CoinDesk.

The decision was made just a few days after the application was filed with the US Securities and Exchange Commission (SEC) after the agency employees contacted the company, recommending that they withdraw the application.

It was assumed that the Global Currency Strategy ETF would provide access to "fiat and widely circulated virtual currencies."

“I can confirm that we withdrew the application, since the representatives of the department still believe that in accordance with the Investment Companies Act of 1940, registration of funds with access to cryptocurrency is currently out of place”, – commented the decision of the lawyer of the company.

He also noted that the aforementioned law on investment companies would allow automatic approval after 75 days, and it was this fact that made the SEC contact the company.

Recall that in January, Reality Shares created an ETF tied to the blockchain market and traded on the Nasdaq exchange.

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